Neo Ivy Capital Management Makes New $546,000 Investment in The Goodyear Tire & Rubber Company $GT

Neo Ivy Capital Management purchased a new position in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 72,936 shares of the company’s stock, valued at approximately $546,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Greenvale Capital LLP purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $106,292,000. Marshall Wace LLP raised its stake in Goodyear Tire & Rubber by 1,107.5% during the second quarter. Marshall Wace LLP now owns 7,825,605 shares of the company’s stock worth $81,152,000 after purchasing an additional 7,177,542 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Goodyear Tire & Rubber during the third quarter worth about $32,301,000. Maple Rock Capital Partners Inc. boosted its holdings in Goodyear Tire & Rubber by 215.6% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company’s stock valued at $57,676,000 after purchasing an additional 3,799,383 shares during the last quarter. Finally, Norges Bank acquired a new position in Goodyear Tire & Rubber in the 2nd quarter valued at about $29,112,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Analyst Upgrades and Downgrades

GT has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a report on Monday, December 29th. Zacks Research cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Morgan Stanley increased their price objective on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research report on Friday, November 28th. Finally, Citigroup raised their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Hold” and an average target price of $10.30.

Goodyear Tire & Rubber Trading Down 3.6%

NASDAQ GT opened at $7.50 on Monday. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.06 and a quick ratio of 0.54. The stock has a market capitalization of $2.15 billion, a P/E ratio of -1.25, a PEG ratio of 0.32 and a beta of 1.12. The firm’s 50-day moving average is $9.10 and its two-hundred day moving average is $8.40. The Goodyear Tire & Rubber Company has a 12 month low of $6.51 and a 12 month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.85 billion. Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. Goodyear Tire & Rubber’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, sell-side analysts anticipate that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.